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Old 16th Aug 2010, 14:40   #31
Malt_Vinegar
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Perhaps as he is so early in the initial agreement, the loan is calculated with the interest over the whole period. If he is paying it off a couple of years ahead of schedule, he will be minus a couple of years interest on the re-payment?
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Old 16th Aug 2010, 14:40   #32
The Mad Rapper
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Quote:
Originally Posted by Shep_Cobain View Post
Right guys,

I have applied for a loan.

I have 3 years / 7.5k left to pay on my loan (229 a month). If i take out a loan for 8k (36 months) my repayments are 249 and i can pay off the existing loan and will be left with 1.5k.

I have applied with Santander & Tesco. I applied at 7pm Friday evening. How long does it take before i hear anything?

Can i phone them up and find out my decision that way?

Thanks.
So you're applying for a loan to pay off a loan? Hmmm...

All the Gods, all the heavens, all the hells, are within you

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Old 16th Aug 2010, 14:46   #33
PardonTheWait
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That's the way'a the world! The way it's always gonna be!
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Old 16th Aug 2010, 14:50   #34
Moses
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You have "quite a bit of money in the bank", so why not use that to pay off most/all of the loan? Why take out another loan, bigger than the original one, if you have "quite a bit of money in the bank"?
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Old 16th Aug 2010, 14:51   #35
Castiel
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Originally Posted by Shep_Cobain View Post
Right guys,

I have applied for a loan.

I have 3 years / 7.5k left to pay on my loan (229 a month). If i take out a loan for 8k (36 months) my repayments are 249 and i can pay off the existing loan and will be left with 1.5k.

I have applied with Santander & Tesco. I applied at 7pm Friday evening. How long does it take before i hear anything?

Can i phone them up and find out my decision that way?

Thanks.

If the answer was yes then you would almost certainly have been told within a few minutes.

Applying for a loan with two companies simultaneously would damage the chances of either saying yes also.

I think a phone call to find out their decision would be the best option, but I wouldn't hold out much hope tbh.

If you are unsuccessful then I would suggest waiting at least 6 months before making another application and this time only one at a time, each time you make an application the company will do a search of the credit reference agencies and if it sees that you have applied for credit on a regular basis unsuccessfully or have applied to more than one company at any given time it will turn you down assuming either you are in financial difficulty or are attempting fraud.
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Old 16th Aug 2010, 14:53   #36
mame
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I would say most successful applicants would get an instant decision of 'yes' and most unsuccessful applicants would also get an instant descision of 'no'. The remaining applicants who are borderline will have to have their application checked by a person to make a decision. If that is the case then there's a good chance you won't get their 'typical' APR but may get offered a higher rate. Or you might get turned down. Or you might have made a trivial error on the application such as saying you have lived at your current address for 15 years when it's actually 13.
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Old 16th Aug 2010, 14:57   #37
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Originally Posted by Castiel View Post
If the answer was yes then you would almost certainly have been told within a few minutes.

Applying for a loan with two companies simultaneously would damage the chances of either saying yes also.

I think a phone call to find out their decision would be the best option, but I wouldn't hold out much hope tbh.

If you are unsuccessful then I would suggest waiting at least 6 months before making another application and this time only one at a time, each time you make an application the company will do a search of the credit reference agencies and if it sees that you have applied for credit on a regular basis unsuccessfully or have applied to more than one company at any given time it will turn you down assuming either you are in financial difficulty or are attempting fraud.
The last post I read by you, you were talking about putting willies inside girls. I assume the above was written by your very sensible wife again .

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Old 16th Aug 2010, 15:05   #38
edscdk
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Originally Posted by Shep_Cobain View Post
I don't have enough to pay the loan off and its currently with HSBC. You have to pay it all off or monthly as agreed. My remainder is 7500 but my settlement figure is 6500.
they will say that, however if you call them and ask they will probably re-do the loan on the new terms,

I had a loan a while back and it was the same, pay it all off or keep to the monthly payments... I just re-did the load with them over a shorter term (its worth asking)
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Old 16th Aug 2010, 15:17   #39
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You guys need to chill on the OP

I have just done the exact same thing as him but without the extra 1.5k :P

I had a loan with HSBC with 22 months left on it and i want to pay it off sooner the loan is at 8.9%

I am a homeowner and tell my bank manager tescos will do me a loan at 7.9%

HSBC say the only way to pay the loan off early is to take out a new loan clear the existing loan and the new loan will be on an APR of 14.9% i laughed at my bank manager asked him for my early settlement figure and walked out.

Tesco promptly agreed my loan to the tune of my early settlement figure @ 7.9% and i now only have 12 months to pay instead of 22 and at a lower rate. I will say i didn't take any cash out extra as i just wanted to pay my loan off sooner :P

Last edited by CraigN; 16th Aug 2010 at 15:19.
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Old 16th Aug 2010, 15:19   #40
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But the OP is still paying off his new loan over three years...

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Old 16th Aug 2010, 15:33   #41
CraigN
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ahh ok

that's a bit pointless :P

guess he must be skint or thinks re-organising his loan is the only way to generate some extra cash in the short term.

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Old 16th Aug 2010, 15:36   #42
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Walked into the bank, asked to see the manager, was seen immediately.

Manager was gorgeous and she immediately extended my loan to get a new bike.

When going through my details we both happened to mention we were single. Flirting ensued. Left it there, as you do.

Facebooked her. Taking her out on friday.

Result.
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Old 16th Aug 2010, 15:37   #43
KNiVES
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Originally Posted by ElvisFan View Post
Walked into the bank, asked to see the manager, was seen immediately.

Manager was gorgeous and she immediately extended my loan to get a new bike.

When going through my details we both happened to mention we were single. Flirting ensued. Left it there, as you do.

Facebooked her. Taking her out on friday.

Result.
Haha, your signature matches this post perfectly!

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Old 16th Aug 2010, 15:42   #44
booyaka
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Originally Posted by ElvisFan View Post
Walked into the bank, asked to see the manager, was seen immediately.

Manager was gorgeous and she immediately extended my loan to get a new bike.

When going through my details we both happened to mention we were single. Flirting ensued. Left it there, as you do.

Facebooked her. Taking her out on friday.

Result.
excellent work!
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Old 16th Aug 2010, 15:43   #45
CraigN
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Quote:
Originally Posted by ElvisFan View Post
Walked into the bank, asked to see the manager, was seen immediately.

Manager was gorgeous and she immediately extended my loan to get a new bike.

When going through my details we both happened to mention we were single. Flirting ensued. Left it there, as you do.

Facebooked her. Taking her out on friday.

Result.
Much more interesting than talking about Loans !

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Old 16th Aug 2010, 15:57   #46
shep_no_platinum
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Jusy had a word with Tesco. They have agreed the loan in principal. However the apr is 9.9% so i'm not helping myself. Santander declined.

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Old 16th Aug 2010, 16:16   #47
Dave85
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Then dont do either of them and save hard and pay off the original quicker.

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Old 16th Aug 2010, 16:21   #48
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Posting in epic thread
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Old 16th Aug 2010, 16:23   #49
CoreKrogoth
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i think your going to have to live with what you have got, do yourself a favour and start saving to pay it off early.

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Old 16th Aug 2010, 16:24   #50
Castiel
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The last post I read by you, you were talking about putting willies inside girls. I assume the above was written by your very sensible wife again .
Lol. No, she is at work earning the pennies. Putting willies in girls is a valid topic of conversation however.
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Old 16th Aug 2010, 16:24   #51
shep_no_platinum
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Its not paying it off im bothered about. I can afford it easily. Its just i thought it would be better getting a bette APR on the loan but obviously not.

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Old 19th Aug 2010, 11:11   #52
Jack00
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But doing this will increase your debt more.

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Old 19th Aug 2010, 11:18   #53
The_Police!
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But doing this will increase your debt more.
What's with the loan type links in your sig?

NEE NAW NEE NAW NEE NAW!!!!
CALL THE WAMBULANCE!
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Old 19th Aug 2010, 11:21   #54
anticonscience
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Isn't it obvious?

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Old 19th Aug 2010, 11:23   #55
The_Police!
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Originally Posted by anticonscience View Post
Isn't it obvious?
Well yes, yes it is!

NEE NAW NEE NAW NEE NAW!!!!
CALL THE WAMBULANCE!
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Old 19th Aug 2010, 11:24   #56
.Lethal
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Originally Posted by KNiVES View Post
Getting a loan to pay off another loan is a step towards the path of madness.
Exactly!

Quote:
Originally Posted by Tefal View Post
Are you using these loans to buy jeans by the pallet load?
hahaha how can anyone forget that thread

Shep,

I really don't think this will help but here it goes.

There are many many factors when using a new loan to pay off another when considering to do so. Some things (from reading the thread) that I could suggest would be.

Take out a loan for the minimal amount you need whilst using savings to pay off existing loan.

Make sure new loan is equal or shorter than existing.

Make sure the rate is less than currently.

IF you take out a new loan and ZOMG only 20 more a month but 1 yr longer but ZOMG 1.5k in pocket you need to understand the basics on how loans work. You will be worse off!

Also, applying for multiple loans is doomed to destroy your rating. Each time you apply for credit, a credit agency (such as Experian) will record this. Having applied for 2 loans now shows 2 applications within the same time.. its bad. Applying for credit always dents your current rating.. think of it as a points based system. You use points when you apply for something.

You applied twice, you used more points. Now no one will want to touch you.. until you get more points by paying bills/direct debts/loan payments each month.

If you miss a payment/late fee. Again, you lose more "points".

Please read the FAQ and rules regarding signature sizes
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Old 19th Aug 2010, 11:26   #57
muon
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6500 is the settlement figure. Do you know if that includes any penalties?

If not, increasing your debt levels as long as you can pay for it is fine.

However, people have been correct in pointing out it is better to pay off loans earlier than keeping savings. Savings at best are currently earning 3% while loans are at a much higher rate. If it turns out you needed the savings, you can always increase your debt levels then.

.
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Old 19th Aug 2010, 11:36   #58
The_Police!
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Might be worth visiting your local Citizens Advice Bureau. They should be able to advise you.

NEE NAW NEE NAW NEE NAW!!!!
CALL THE WAMBULANCE!
Last edited by The_Police!; 19th Aug 2010 at 12:23.
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Old 19th Aug 2010, 11:41   #59
Participant
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Originally Posted by ghost101 View Post
6500 is the settlement figure.
How can it be, when his second sentence is:

'I have 3 years / 7.5k left to pay on my loan'

?

Wouldn't it be great to be able to settle a loan for less than what you owe .

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Old 19th Aug 2010, 11:52   #60
muon
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Originally Posted by Robbie G View Post
How can it be, when his second sentence is:

'I have 3 years / 7.5k left to pay on my loan'

?

Wouldn't it be great to be able to settle a loan for less than what you owe .
He may have calculated in terms of repayments though.

For example, adding up mortgage repayments will always be lower than the settlement amount.

If I settle now, I don't owe interest for x years.

.
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